Author: Kelli Yoder

New legislation passed in the Virginia House and Senate will widen the current pathways to CPA licensure effective Jan. 1, 2026.

Beginning in 2026, CPA candidates can choose one of three pathways to licensure in Virginia:

• Pathway 1: A master’s degree and one year of relevant experience as defined by the board.
• Pathway 2: A bachelor’s degree, 30 additional credit hours, and one year of relevant experience as defined by the board.
• Pathway 3: A bachelor’s degree and two years of relevant experience as defined by the board.

All three pathways still require candidates to pass the CPA Exam and complete a bachelor’s degree with an accounting concentration of 24 upper-level accounting credits and 24 business credits. The details of the concentrations are defined by the board.

You can find current licensure requirements here: https://boa.virginia.gov/individual-cpas/initial-license/

Please note: Any candidate applying for licensure under these new pathways will not necessarily have practice privilege (mobility) in other jurisdictions, so it will be important for a Virginia licensed CPA to check with any jurisdiction’s Board of Accountancy to understand what their laws and rules are regarding practice privileges/mobility prior to practicing in that state.

The latest issue of Accrued Interest is now available. Inside you will find:

• In Memoriam: William R. Brown, CPA, MBA
• Guy Davis, CPA, joins VBOA
• Highlights from the board meeting held at Virginia Tech

Accrued Interest is published twice yearly in the winter and summer and is one of our primary sources for communicating to accounting professionals including individual licensees, firms and CPA exam candidates.

Share any questions or content ideas with Kelli Yoder, the Virginia Board of Accountancy communications coordinator: kelli.yoder@boa.virginia.gov or (804) 367-1586.

You can find all of the VBOA’s previous newsletters here >>.

CPAs can begin meeting the annual ethics CPE requirement as of Feb. 1, 2025. VBOA-approved ethics courses can be found here:

At its Dec. 5 meeting, the Virginia Board of Accountancy approved a letter written in response to the two exposure drafts issued this year by the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA):

• The Uniform Accountancy Act (UAA) Exposure Draft.
• The CPA Competency-Based Experience Pathway Exposure Draft.

You can download and read the letter from the board here.

Governor Glenn Youngkin appointed Guy A. Davis, CPA, CIRA, CFE, CDBV, of Henrico, Virginia, to the Virginia Board of Accountancy effective Nov. 1, 2024.

A practicing CPA in Virginia for over 30 years, Davis specializes in corporate restructuring, bankruptcy litigation, financial damages, business valuation, and corporate transactions. As senior managing director at FTI Consulting, a global leader in restructuring and dispute resolution services, he leads the firm’s Bankruptcy Litigation Practice.

Davis started his career as a financial analyst in the oil and consumer products industries. In 1989, he joined C.W. Amos & Company, a Maryland-based accounting firm where he assisted in the startup of a management advisory services practice. In 1996, he co-founded Penta Advisory Services, a boutique restructuring and litigation consulting firm that ultimately merged with Navigant Consulting, Inc. After five years at Navigant, he was hired as a managing director at Protiviti where he worked for 17 years as the co-leader of the firm’s Litigation and Restructuring Services practice.

Davis has represented plaintiffs and defendants in some of the country’s largest insolvency-related disputes including K-Mart Corporation, Nine West Holdings, Inc., Sears Holding Corp. and Purdue Pharma LP. He provided operations management services, conducted fraud investigations, asset liquidations, and debt restructurings, and served as an expert witness in a variety of asset recovery and other litigation matters.

Davis is a graduate of the E. Claiborne Robins School of Business at the University of Richmond and earned his master’s degree in business administration from Loyola College in Baltimore. 

Davis is finishing the second term for William R. Brown, CPA, MBA, on the board, which will expire June 30, 2025. His first meeting will be Dec. 5.

Read his full bio here >>

The latest issue of Accrued Interest is now available. Inside you will find:

• Anne B. Hagen, CPA, appointed to the VBOA
• What firms need to know about recent Virginia Code changes
• Highlights from the board meeting held at Norfolk State University

Accrued Interest is published twice yearly in the winter and summer and is one of our primary sources for communicating to accounting professionals including individual licensees, firms and CPA exam candidates.

Share any questions or content ideas with Kelli Yoder, the Virginia Board of Accountancy communications coordinator: kelli.yoder@boa.virginia.gov or (804) 367-1586.

You can find all of the VBOA’s previous newsletters here >>.

Governor Glenn Youngkin appointed Anne B. Hagen, CPA, MBA, CGMA, of Moseley, Virginia, to the Virginia Board of Accountancy effective July 1, 2024.

A lifelong Virginian, Hagen brings over four decades of experience serving in a variety of leadership positions. A foundation in internal and external audit provided exposure and opportunities to learn diverse aspects of businesses. Her career of progressive leadership and networking culminated as chief financial officer and chief executive officer of a statewide continuing care retirement community, the Masonic Home of Virginia, and chairing the Virginia Society of CPAs’ board of directors.

She has shared her time and talents with the community as a speaker as well as serving on many committees and boards throughout her career, which today includes the VT Accounting and Information Systems Advisory Board.

This appointment is just further evidence of her passion for promoting and preserving this respected and valued profession for those seeking a professionally and personally rewarding career. She is passionate about the CPA profession, writing articles and speaking to groups and individuals to encourage this rich career path.

Recently retired, Hagen enjoys spending more leisure time reading, cooking, biking, and enjoying her family and friends especially on Lake Gaston. She has four sons, two of whom are CPAs, and four grandchildren.

Hagen is a graduate of Virginia Tech. She recently completed her master’s degree in business administration from Longwood University. She is a member of the American Institute of CPAs and Virginia Society of CPAs.

Hagen replaces Laurie Warwick on the board and her first term will expire June 30, 2028. Her first meeting will be Aug. 29.

Reappointments

Governor Youngkin also reappointed Wendy P. Lewis and Dale G. Mullen to the board effective July 1, 2023.

Lewis is an office managing partner in KPMG’s Audit Practice. She was just re-elected for a second year as chair of the VBOA. Her second and final term will expire June 30, 2028.

As a partner at the law firm Whiteford, Taylor & Preston, LLP, Mullen co-chairs the Business and Corporate Law section. He is the board’s public member and his second and final term will expire June 30, 2028.

The 2024 VBOA CPA license renewal season ended June 30.

If you missed the deadline, your license is now expired. To reinstate an individual license, you must demonstrate proof of 120 CPE hours and pay the $350 reinstatement fee. When your license is expired, you may not use the CPA title or provide attest or compilation services until your license has been reinstated and is shown as “Active” on the VBOA Licensee Search.

Please contact us by email at boa@boa.virginia.gov or by phone at (804) 367-8505 with any questions regarding renewals.

The latest issue of Accrued Interest is out now—featuring a brand new look. Inside you will find:

• Details on the new CPA Exam
• New NASBA appointments and awards
• Highlights from the board meeting held at University of Virginia

Accrued Interest is published twice yearly in the winter and summer and is one of our primary sources for communicating to accounting professionals including individual licensees, firms and CPA exam candidates.

Share any questions or content ideas with Kelli Yoder, the Virginia Board of Accountancy communications coordinator: kelli.yoder@boa.virginia.gov or (804) 367-1586 .

You can find all of the VBOA’s previous newsletters here >>.

The federal government’s Beneficial Ownership Information Reporting Rule went into effect on Jan. 1, 2024. It requires most entities to report information on their beneficial owners to FinCEN under the Corporate Transparency Act (CTA).

CPAs can find FAQs from the AICPA: BOI Reporting Services and Other Practice Concerns.

See more on FinCEN’s website including these FAQs.